#6 - November 2022
Hey there! This is the sixth edition of i2i Insights, a newsletter where we bring you updates and important info about the Pakistani startup ecosystem.
đ´TL;DR
As we move into the end of 2022, November was another slow month for funding, with startups raising just over USD 12M. Going into the last month of the year, YTD funding stands at USD 354M, marginally higher than what was raised in 2021 (USD 350M). At the same time, several global players announced they were halting operations in Pakistan, from Uber to Swvl, which will impact both customers and also those employed at these companies. In positive news, 500 Global, which first invested in Pakistan six years ago, announced they were partnering with Pakistani conglomerate JS Group to officially enter the market.
đYou should know
500 Global officially enters the Pakistani market
The VC firm is partnering with the JS group to bring its investor education programs to Pakistan and gain access to tech-enabled startups and potentially promising founders in the nation.
The firm has backed 49 unicorns and has maintained a long-standing commitment to uplifting innovation-focused markets globally.
SWVL reportedly shuts down operations in Pakistan.
Reports of SWVLâs shutdown follow earlier reports of the company making a net loss alongside mass layoffs across different markets. A Business Recorder article published in June referred to Pakistan as one of SWVL's biggest revenue contribution and profitability markets when the company began scaling back operations by pausing intra-city rides. The company has yet to make an official statement on the issue.
Uber ceases operations in all but one city in Pakistan
Last October, Uber announced a scaling back of its operations in Pakistan. The app, however, remains functional in Lahore while its subsidiary, Careem, will remain functional nationwide.
You can read their statement here.
Waada acquires MicroEnsure
This acquisition makes Waada Pakistanâs largest Insurtech firm as it expands Waadaâs consumer base to a potential 1.5 million users.
đ¸ Dealflow Updates:
Finja raises 10 million USD in series A2 funding
Founded in 2016, Finja works as a financial services platform aiming to empower businesses and SMEs through its mission to promote free transactions. The investment round included participation from HBL and Sturgeon Capital.
Waada raises 1.3 million in seed funding
Founded in 2020, Waada is an insurtech platform striving to provide accessible insurance to underserved communities.
BusCaro raises 500,000 USD in angel round funding
Founded in 2022, BusCaro is a mobility platform aiming to provide reliable transport solutions with consistent pricing.
đ§Resources for potential startup founders
If youâre a startup founder (or a potential founder) waiting out the crunch before taking the next step in your entrepreneurial journey, check these out in the meantime:
Jawwad Faridâs Founder Puzzles - a guide to startup finance and economic fundamentals
Y combinatorâs startup library - a free set of virtual resources covering a plethora of important topics relevant to startups